Posted on 05/22/2018 11:14:15 AM PDT by tcrlaf
Marvin Ellison's exit as CEO of J.C. Penney means the struggling department store chain can't be turned around, CNBC's Jim Cramer said Tuesday.
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J.C. Penney shares plunged Tuesday after Lowe's announced it is naming Ellison president and CEO, effective July 2. J.C. Penney, which has struggled to compete within the quickly changing retail landscape, told CNBC that it was informed by Ellison a couple days ago of the move.
"If there was any chance [of a turnaround], I think you would stay," Cramer said on "Squawk on the Street." "Because it would obviously be such a kick in the face of J.C. Penney to move over."
Cramer, who also said Ellison's move is "fabulous" for Lowe's, added he would not say that Marvin Ellison "failed" the department store chain because "who would not fail there."
(Excerpt) Read more at msn.com ...
We received a Montgomery Ward catalog in the mail last week. It was addressed to a neighbor, the post office messed up. I had no idea they still existed. Apparently, someone bought the rights to the brand name, so it’s not the same company.
There’s no doubt brick and mortar retail is taking a hit from on-line retail. For example, I needed some additional RAM in my desktops, and ordered the exact compatible memory from an online retailer in like five minutes...but then had to wait four days for it to show up. And then I wondered why I didn’t go down to Fry’s to buy some and I’d have it right now...
...except I didn’t know that the kid in the ill-fitting white shirt at Fry’s would show me the exactly compatible memory sets I needed.
I agree that most clothes seem to be the thing you would want to see in person and maybe try on. But so many other things are fungible; underwear, sox, sheets, towels; why not just order them and have them delivered?
Yes, Amazon is putting a lot of these stores out of business. Given Jeff Bezos’ political stance, maybe the best thing a Trump administration could do in a second term would be to have the DOJ institute an anti-trust action against Amazon and break it up.
No, that guy didn’t last long. JC Penny dropped the pro-homosexual stuff shortly after it began. Employees at my local JCP were delighted when that guy was fired.
Penneys is still a pretty good store imho.
Sears sucks big long green cucumbers
Kmart is now owned by the crook, imho, who took over..and appears to be methodically desroying Sears
both now rotten outfits, my opinion
expect both to liquidate with the assets going into his pocket, methinks
I buy almost all my clothes at JC Penny. About half on line and the other half at the store. Their mens clothes are very good quality, especially their Stafford brand travel slacks and dress shirts.
And they have lots of great sales. I hope they keep an online presence. They can make that work. If not, some other company can buy their brands.
I hadn’t realized they were still in business.
I loved Stafford and St Johns Bay, but neither house brand is as good as it used to be and now, for the quality, is way too expensive.
There will always be a need for brick and mortar stores.
Example last week: In the midst of very rainy weeks of weather, my basement sump pump failed. The backup took over, but it’s smaller capacity, and was running almost nonstop.
Off to Home Depot. Amazon had the pump $10 cheaper, but I couldn’t wait, not even for next day.
Same is true of people needing last minutes clothes or shoes for a funeral, etc...
The same Jim Cramer who once bragged how his good pal Eddie Lampert was going to do great things with Sears.
just predicting.
Ah I see. The CEO can fix this if he just released a statement if they went back to their original beliefs. And no ass muncher sick stuff..
This was the guy they brought in as a permanent replacement after they fired the GAY GAY GAY GAY GAY EVERYWHERE guy to try to clean up the mess. They had a former CEO step back in as an interim CEO after they fired GAY IT ALL guy. It didn’t go well for either that guy or this former Home Depot guy.
Though I’m pretty sure he’s going to ruin Lowes as HD sucked badly under him.
When Cramer said something...most did the opposite.
Easy return policies, better online measuring instructions are your answers. I’m going to guess you’re an older couple - most people in the prime 18-34 demographic are no longer seen at malls. All demographic ages are appearing in malls and in brick and mortar stores less.
Even physical stores in low rent situations are struggling. The drop in profitability is not linked to rents.
Yes that CEO was gone quickly, he was a disaster for Penny’s he came from Apple and thought he could make JCPenny’s Apple Stores.. and it failed miserably, was fired, they brought back the previous CEO... Who isn’t this guy..
The Apple Guy who did all the damage was only CEO for 17 months, and his tenure was a disaster.
In major cities, there is same day delivery for free or two hour delivery for a small fee - not just from Amazon but from other services.
Maybe there will be a need, but mostly it will be as a small kiosk in front of the warehouse.
The guy you are talking about was FIRED he was only CEO for 17 months, in 2011 and 2012... The backed off all his nonsense the minute he was gone... So for 6 years now they haven’t had any of that crap....
That wasn’t their only problem post-gaypocalypse. Even Wikipedia has a list of some of the stupid things they’ve done since: https://en.wikipedia.org/wiki/J._C._Penney#2014%E2%80%93present
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